Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Variances in Management Accounts (https://www.askmehelpdesk.com/showthread.php?t=560803)

  • Mar 9, 2011, 04:34 AM
    tammietoes
    1 Attachment(s)
    Variances in Management Accounts
    I was wondering if someone could help me with a problem I'm having. I've attached my workings of the question but I just wanted to see if I was on the right track or has messed it up. Any help greatly appreciated. Thank you!

    The Q is as follows;

    McCauleys Ltd uses a standard costing system and has produced the following production information for the month of June 2010.
    Standard Actual
    Sales (units) 10,000 10,000
    Sales price per unit £30 £32
    Materials Used (kg) 5,000 5,250
    Materials Price (per kg) £7.50 £7.80
    Labour Hours 12,500 13,650
    Labour Rate (per hour) £10 £9.70
    Fixed Production overhead £66,000 £69,400

    I need to prepare a statement showing the budgeted profit and the actual profit for the month of June

    Also I need to calculate,
    * Sales Price margin
    * Materials Usage
    * Materials Price
    * Labour Efficiency
    * Labour rate
    * Fixed overhead production


  • All times are GMT -7. The time now is 05:26 PM.